Major US stock indexes retreated from session highs, but finished the session in positive territory, as the growth of the technology sector and the health sector, as well as the softer position of US policy makers on China's trade tariffs, triggered a rebound after the market was sold last week.
On weekend, several top politicians of the White House softened the rhetoric about import duties for China, and US Treasury Secretary Munchin said he did not expect the beginning of a trade war, since the US intends to continue negotiations with China. At the same time, he added that if China is not yet ready to create conditions for "free and fair mutual trade," the US will aggressively defend its interests. China's President Xi Jinping plans to speak at the Boao Forum tomorrow, and investors will closely monitor what he will say about the threat of US tariffs.
A slight effect on the course of trading was provided by a report from the Conference Board, which showed that the US employment trends index, which is a set of labor market indicators, increased slightly in March, continuing the recent trend. According to the data, the employment trends index jumped to 107.72 points from 107.31 points in February (revised from 107.74 points). This change represents an increase in the index by 5.5% per annum. Recall, the index includes 8 indicators of the labor market. The Conference Board reported that in March 5 out of 8 components made a positive contribution to the growth of the index.
Meanwhile, oil prices rose by about 2%, helped by investors cautious about the air strike on the Syrian airbase over the weekend, which overshadowed some concerns over the growing trade dispute between China and the United States that undermined the oil market
Most components of the DOW index finished trading in positive territory (20 out of 30). Leader of the growth were shares of Merck & Co., Inc. (MRK, + 5.68%). Outsider were shares of General Electric Company (GE, -1.53%).
Almost all sectors of the S & P index recorded an increase. The health sector grew most (+ 1.4%). Only the sector of conglomerates dropped (-0.3%).
At closing:
Dow 23,980.00 +47.24 +0.20%
S&P 500 2,613.16 +8.69 +0.33%
Nasdaq 100 6,950.34 +35.23 +0.51%